Henderson looks at trimming strategic bond range

Henderson is considering a merger within its four-strong range of strategic bond funds following the departure of James Gledhill.

Henderson head of retail fixed income John Pattullo says the group does not need four funds in the sector and that the size of the high yield monthly income fund may see it merged into another product.

He says: “Four is too many. It is reasonable to have three funds in the sector. One of the funds is reasonably small, the high yield monthly income fund at about £200m.”

He adds that they need to speak to clients to address their needs and will not make a merger in the next six months.

As revealed by Money Marketing this week, Pattullo and director of retail fixed income Jenna Barnard have taken over the £510m Henderson fixed interest monthly income bond fund and the £217m high yield monthly income fund from director of retail James Gledhill who was made redundant this week.

Pattullo also runs two other funds in the strategic bond sector, the £650m preference & bond and the £1.1bn strategic bond funds.

Ben Pakenham will remain as deputy on the funds with Pattullo and Barnard.